Oregon Dept. of Consumer & Business Services – 07/05/23 9:54 AM
July 5, 2023
Salem – The virtual public hearings for the 2024 requested rates for individual and small group health insurance plans has been rescheduled for August, the Oregon Department of Consumer and Business Services announced today.
The hearings are now set for Friday, Aug. 4, from 8:30 to 11:30 a.m. and 1 to 4 p.m.
In the meantime, Oregon consumers can look at the requested rates for 2024 and proposed plan coverage by county at https://dfr.oregon.gov/healthrates/Documents/2024-rate-and-county-coverage.pdf.
In the individual market, six companies submitted rate change requests ranging from an average 3.5 percent to 8.5 percent increase, for a weighted average increase of 6.2 percent. That average increase is slightly lower than last year’s requested weighted average increase of 6.7 percent.
In the small group market, eight companies submitted rate change requests ranging from an average 0.8 percent to 12.4 percent increase, for a weighted average increase of 8.1 percent, which is higher than last year’s requested 6.9 percent average increase.
The Oregon Reinsurance Program continues to help stabilize the market and lower rates. Reinsurance lowered rates by at least 6 percent for the sixth straight year.
A web address to watch the public hearings will be posted at oregonhealthrates.org. At the hearings, each insurance company will provide a brief presentation about its rate increase requests, answer questions from Division of Financial Regulation (DFR) staff, and hear public comment from Oregonians. The public also has the opportunity to comment on the proposed rates through Aug. 3 at oregonhealthrates.org.
The requested rates are for plans that comply with the Affordable Care Act for small businesses and individuals who buy their own coverage rather than getting it through an employer. For the second year in a row, every county has at least four companies available for people to buy insurance on the individual market. Deschutes County, which has four companies in 2023, is proposed to have five in 2024.
The division is analyzing the requested rates to ensure they adequately cover Oregonians’ health care costs. DFR must review and approve rates before they are charged to policyholders.
Preliminary decisions are expected to be announced in late July, and final decisions will be made in August after the public hearings and comment period ends. The hearings were previously scheduled for July 17-18.
About Oregon DFR: The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit dfr.oregon.gov and www.dcbs.oregon.gov.